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What is Client Onboarding in Financial Services?
Client onboarding in financial services is the process of welcoming new clients by gathering necessary information, verifying their identity, and ensuring compliance with regulatory requirements. It sets the foundation for a strong client relationship by creating a smooth and transparent start.
For example, when a new client opens an investment account, the onboarding process involves collecting documents like ID proofs, performing KYC (Know Your Customer) checks, and explaining account features.
Without an effective onboarding process, delays and miscommunication can arise, leading to frustrated clients, compliance risks, and damaged trust, ultimately harming the organization's reputation and client retention.
How to Automate the Client Onboarding Process in Financial Services
Automating the client onboarding process in financial services is a game-changer for efficiency, accuracy, and compliance. Traditional manual methods often result in delays, human errors, and inconsistent experiences for clients.
However, by leveraging automation tools like FlowForma Copilot, financial institutions can streamline the entire process from start to finish.
In this article, we’ll walk you through how to automate client onboarding with FlowForma, from uploading diagrams to refining workflows, creating dynamic questions, and building out fully functional forms—all in just a few clicks.
Get ready to transform your onboarding process in minutes!
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With FlowForma Copilot, you can upload a flow diagram, existing form, or ask Copilot to build the process using voice-to-text or chat.
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For this demo, we have drawn a customer onboarding diagram.
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Simply upload the process diagram and press Send.
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Within seconds, Copilot returns a set of steps with descriptions of each step. We're now going to request some typical questions for each step.
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Copilot returns a set of relevant questions for each step.
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Copilot returns the correct question types and provides options for Choice questions.
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It's easy to make changes. Let's add a Legal Documentation step after the Due Diligence step.
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The Legal Documentation step has been added. When you are finished making changes to the process, click Build.
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The steps and questions are created in FlowForma immediately.
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You can expand out each step to view the questions, and can see a preview of the form on the right.
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The correct question types are carried through to FlowForma.
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Create a test form to see how your build is progressing.
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We've gone from sketching out a flow to building out a prototype of that flow in FlowForma in a matter of minutes.
Conclusion
Client onboarding in financial services is the essential process of welcoming new clients, gathering information, verifying identities, and ensuring compliance with regulations. It forms the backbone of a strong client relationship and safeguards the organization's compliance obligations.
Automating this process with tools like FlowForma streamlines every step, from uploading process diagrams to building workflows and testing forms, making onboarding faster, more accurate, and highly efficient. Without automation, onboarding can become time-consuming and error-prone, leading to client frustration, compliance risks, and potential reputational damage.
To move forward, evaluate your current client onboarding workflow and identify manual bottlenecks that can be automated. Consider key compliance requirements and create a clear process map.
Automation will not only help you scale operations but also improve client satisfaction and reduce risks. Ensure your onboarding solution is adaptable, secure, and easy to refine as regulations and business needs evolve.
FlowForma’s no-code platform is designed to help financial services automate client onboarding seamlessly. From creating processes in minutes to ensuring compliance, FlowForma has you covered.
Experience the simplicity of automation—Book a demo today and elevate your client onboarding process!
